Showing posts with label brokers. Show all posts
Showing posts with label brokers. Show all posts

Wednesday, May 18, 2016

New HMRC SA302 procedures slow to take effect

HMRC has decided to tighten security and is now refusing to fax copies of SA302 (tax calculation summary) to mortgage providers when self employed people apply for a mortgage when acquiring a property. As a potential solution, HMRC has persuaded the Council of Mortgage lenders to propose acceptance of alternative documents printed from accountants’ software, meaning that for self employed people with an accountant, the change should be seamless.

In other words, most mortgage providers should now accept instead of the HMRC SA302, the tax year overview confirming the tax due on the return submitted. It is also possible for the mortgage providers to cross check the tax due as per the accountant's calculation against the tax paid as displayed on the HMRC web site.

The institutions that have agreed at this time on the new process are the following: